Prague’s Hilton hotel is back on the market in one of the biggest deals of the year. E15 claims to have multiple sources for its claim that notices about the sale of the 790-room facility with 7,000 sqm of conference space should go out in the coming weeks. The article puts the expected price in the range of €300 million and reminds readers that court shenanigans a decade blocked the last attempt to sell it. The hotel’s owner is Quinn Hotels Praha a.s., but that company is controlled by the Irish state through the Irish Bank Resolution Corporation (a legacy of the great financial crisis and the spectacular failure of the now-defunct Anglo Irish Bank).
The IBRC is due to trying to sell off its assets by the end of the year, not least because of the enormous costs simply involved in managing them. According to the Irish Independent, Quinn Hotels Praha owes IBRC €227 million. The Hilton was reportedly producing €53 million in revenues prior to Covid. It started making profits again in 2022 with revenues of €43 million. In 2015, Hospodářské noviny reported that two bidders were competing for the asset: Best Hotel Properties (connected with the J&T group) and a European branch of Blackstone.
It’s looking like a big year for hotel transactions in Prague. Last month, it emerged that the Four Seasons is also on sale and that the front runner in the bidding was Renata Kellnerová through her new investment vehicle Amalar.
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